Tag Archives: China

     The Government has launched a newly designed promotional logo for government bureaux and departments to adopt on various publicity materials so as to introduce government-funded projects to the public in a more comprehensive manner, gaining their support for the Government and its partners and encouraging their participation, thereby enhancing their sense of belonging and happiness.
 
     The Director of Information Services, Mr Fletch Chan, said at the launch event of the new promotional logo today (January 18) that the Government is committed to providing a wide range of quality public services. Apart from those activities organised by government bureaux and departments, it has also supported social and non-governmental organisations to arrange services, events and programmes with subsidies or other supportive means to benefit the public. Through the application of the new promotional logo, it will be easier for the public to recognise projects that are supported or endorsed by the Government.
 
     Mr Chan said that these government-funded projects have been covering facilities of livelihood, youth development, social welfare services, major events of culture, sports and tourism, etc. It aims to consolidate the power among the Government, the business sector, the community, etc, and to introduce fresh thinking and new impetus to bring positive impact to society. It also manifests the Government’s full implementation of the policy initiatives of caring about the people, pursuing economic growth and working efficiently.
 
     At the launch event, the Chief Executive of the Lok Sin Tong Benevolent Society, Kowloon, Ms Alice Lau; the Chief Executive Officer of the Hong Kong Sheng Kung Hui Welfare Council Limited, Mrs Patricia Lau; the Director of the Richmond Fellowship of Hong Kong, Dr Fung Cheung-tim, and the Commissioner for Sports, Mr Sam Wong, introduced projects supported by the Government, namely the Sham Shui Po Community Living Room, the Transitional Housing Project at United Court, Tung Tau, Yuen Long, the 18111 – Mental Health Support Hotline and major sports events, respectively.
 
     The new promotional logo was designed by the Information Services Department using “door always open”, the architectural features of the Central Government Offices, as a primary concept, which brings out the Government’s adherence to an open-minded attitude. Its semi-three dimensional design with a subtle tilt features the Government’s dynamism and its proactive approach to addressing the diverse needs of the public.
 
     To meet different requirements and enhance overall publicity impact, the message on the new promotional logo will be adjusted according to the nature of different services, events and programmes.
 
     The new promotional logo will continue to be shown on the publicity materials of suitable services, events and programmes, including banners, backdrops, posters, leaflets, websites, digital presentation, and promotional videos.
 
     To enhance the publicity of the new promotional logo, the Information Services Department will organise a roving exhibition for staging on Hong Kong Island and in Kowloon and the New Territories from next Monday (January 22) to March 26. Details of the exhibition are as follows:
 

        

     The overall Comprehensive Social Security Assistance (CSSA) caseload in December 2023 showed a drop of 505 cases, representing a decrease of 0.3 per cent compared with that of November, according to the latest CSSA caseloa… read more

     According to the latest labour force statistics (i.e. provisional figures for October – December 2023) released today (January 18) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate stood at 2.9% in October – December 2023, same as that in September – November 2023. The underemployment rate also remained unchanged at 1.0% in the two periods.
 
     Comparing October – December 2023 with September – November 2023, the unemployment rate (not seasonally adjusted) decreased slightly across most major economic sectors. Movements in the underemployment rate in different industry sectors varied, but the magnitudes were generally not large.
 
     Total employment decreased by around 1 900 from 3 708 700 in September – November 2023 to 3 706 800 in October – December 2023. Over the same period, the labour force also decreased by around 8 600 from 3 821 100 to 3 812 500.
 
     The number of unemployed persons (not seasonally adjusted) decreased by around 6 700 from 112 400 in September – November 2023 to 105 700 in October – December 2023. The number of underemployed persons in October – December 2023 was 37 000, about the same as that in September – November 2023 (36 600).
     
Commentary
 
     Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Mr Chris Sun, said, “The seasonally adjusted unemployment rate stayed at 2.9% in October – December 2023, same as September – November 2023. The underemployment rate also remained unchanged at 1.0%. Total employment showed a narrowed decline of 1 900 to 3 706 800, whereas the labour force declined further by 8 600 to 3 812 500. The number of unemployed persons decreased further by 6 700 to 105 700.”
 
     The unemployment rates of the various sectors stayed low in October – December 2023. Compared with the preceding three-month period, the unemployment rates of most sectors either declined or stayed unchanged.
 
     Looking ahead, Mr Sun said, “The labour market should stay tight in the near term. Though the still unfavourable external environment may have some negative effects, the expected further recovery of inbound tourism and private consumption should continue to support labour demand.”
 
     In October – December 2023, the Labour Department (LD) recorded a monthly average of 85 700 vacancies from the private sector, representing a year-on-year decrease of 15.4% and a decrease of 6.4% over the average figure in September – November 2023. Job-seekers may make use of the LD’s online platforms, such as the Interactive Employment Service website, for obtaining such vacancy information.
 
Further information
 
     The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
 
     In the survey, the definitions used in measuring unemployment and underemployment follow closely those recommended by the International Labour Organization. The employed population covers all employers, self-employed persons, employees (including full-time, part-time, casual workers, etc.) and unpaid family workers. Unemployed persons by industry (or occupation) are classified according to their previous industry (or occupation).
 
     The survey for October – December 2023 covered a sample of some 25 000 households or 68 000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong. Labour force statistics compiled from this sample represented the situation in the moving three-month period of October to December 2023.
 
     Data on labour force characteristics were obtained from the survey by interviewing each member aged 15 or over in the sampled households.
 
     Statistical tables on the latest labour force statistics can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode200.html). More detailed analysis of the labour force characteristics is given in the “Quarterly Report on General Household Survey” which is published four times a year. The latest issue of the report contains statistics for the quarter July – September 2023 while the next issue covering the quarter October – December 2023 will be available by end February 2024. Users can also browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050001&scode=200).
 
     For enquiries about labour force statistics, please contact the General Household Survey Section (3) of the C&SD (Tel: 2887 5508 or email: ghs@censtatd.gov.hk). read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (January 18) the composite interest rate at the end of December 2023 (Note 1).
      
     The composite interest rate, which is a measure of the average cost of funds of banks, increased by 8 basis points to 2.94 per cent at the end of December 2023, from 2.86 per cent at the end of November 2023 (see Chart 1 in the Annex). The increase in composite interest rate mainly reflected an increase in the weighted funding cost for deposits during the month (see Chart 2 in the Annex) (Note 2). 
      
     The historical data of the composite interest rate from the end of the fourth quarter of 2003 to the end of December 2023 are available in the Monthly Statistical Bulletin on the HKMA website (www.hkma.gov.hk).
 
Note 1: The composite interest rate is a weighted average interest rate of all Hong Kong dollar interest-rate-sensitive liabilities, which include deposits from customers, amounts due to banks, negotiable certificates of deposit and other debt instruments, and all other liabilities that do not involve any formal payment of interest but the values of which are sensitive to interest rate movements (such as Hong Kong dollar non-interest bearing demand deposits) on the books of banks. Data from retail banks, which account for about 90 per cent of the total customers’ deposits in the banking sector, are used in the calculation. It should be noted that the composite interest rate represents only average interest expenses. There are various other costs involved in the making of a loan, such as operating costs (e.g. staff and rental expenses), credit cost and hedging cost, which are not covered by the composite interest rate.

Note 2: Since June 2019, the composite interest rate and weighted deposit rate have been calculated based on the new local “Interest rate risk in the banking book” (IRRBB) framework. As such, these figures are not strictly comparable with those of previous months. read more

     The effective exchange rate index for the Hong Kong dollar on Thursday, January 18, 2024 is 105 (same as yesterday’s index). read more